Karachi: Habib Rice Products Ltd. has released its financial results for the first quarter ended September 30, 2024. The company reported a substantial decline in net sales and a deepened net loss compared to the same period last year.

In the first quarter of 2024, Habib Rice Products Ltd. posted net sales of 446.46 million rupees, down from 625.81 million rupees in the first quarter of 2023, reflecting a decrease of over 28.63%. The cost of sales also saw a slight reduction, amounting to 441.86 million rupees compared to the previous year's 613.19 million rupees. However, the reduction in costs did not alleviate the financial strain as the gross profit plummeted to just 4.59 million rupees, down from 12.62 million rupees year-over-year.

Distribution costs and administrative expenses remained a significant burden for the company. Distribution costs were reported at 22.96 million rupees, while administrative expenses accounted for 35.90 million rupees. Other income generated was modest at 2.94 million rupees.

The financial statements reveal a stark increase in the loss before levies and income tax, which surged to 57.16 million rupees from 26.10 million rupees in 2023. After accounting for minimal levies and taxation, the net loss for the period stood at 57.03 million rupees, more than double the loss of 26.47 million rupees in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the earnings per share also reflected the company's hardships, worsening from a loss of 0.66 rupees per share in 2023 to a loss of 1.44 rupees per share in 2024.

The financial downturn highlighted in Habib Rice Products Ltd.'s recent quarterly report underlines the challenges faced by the company in maintaining profitability amid fluctuating market conditions. The detailed financial results have been transmitted through PUCARS and are available for scrutiny by the shareholders and interested parties.